Mortgage Products On The Up

04 February 2010

Almost a thousand new products were introduced into the UK mortgage market during January indicating the biggest monthly increase in over 12 months, according to figures released today from Mortgage Brain's monthly product analysis.

The total number of live mortgage schemes listed by the sourcing system jumped 26 per cent in the past month, up from 3,534 on 4th January 2010 to 4,457.

The continued increase in product availability for the last seven consecutive months has also shaped a positive outlook on the longer term comparisons where the current figures now represent a 78 per cent increase in product availability compared to six months ago. This also represents a rise of 28 per cent year-on-year.

The number of all three fixed, tracker and variable rate mortgage types rose in January, although tracker launches jumped the most sharply with a 40 per cent increase - up from 1,029 on 4 January 2010 to 1,434.

There are still more fixed rate products than any other type, with 2,664 listed following a 24 per cent increase in January.

Variable rate products climbed marginally for the second month in a row , with current figures listing 359 products - up from 354 on 4th January 2010.

Mark Lofthouse, industry insider said: "We're seeing a fantastic start to the New Year with mortgage product availability on the increase across the board. We've just witnessed the biggest monthly increase in a year, which is a great achievement, and we're continuing to see a healthy introduction of new trackers, fixed and variable rate products."

"There does seem to be a positive mood in the air at the moment so, are we looking at a glimpse of a healthier and more stable market for 2010? Let's hope so."

Source: Introducer Today.

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